Estimating the degree of interventionist policies in the run-up to EMU

Sondermann, David; Trede, Mark; Wilfling, Bernd

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@article{ Sondermann2009,
 title = {Estimating the degree of interventionist policies in the run-up to EMU},
 author = {Sondermann, David and Trede, Mark and Wilfling, Bernd},
 journal = {Applied Economics},
 number = {2},
 pages = {207-218},
 volume = {43},
 year = {2009},
 doi = {https://doi.org/10.1080/00036840802481884},
 urn = {https://nbn-resolving.org/urn:nbn:de:0168-ssoar-243024},
 abstract = {Based on a theoretical monetary exchange-rate model in continuous time this paper establishes a sequential estimation framework which is capable of indicating central bank intervention in the run-up to a currency union. Using daily pre-EMU exchange-rate data for the countries of the current euro zone, we find mixed evidence of active pre-EMU intervention policies (so-called institutional frontloading strategies). Our estimation framework is highly relevant to economic and political agents operating in financial markets of the upcoming EMU accession countries.},
}